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1、2022 Annual Report 1Dear Fellow ShareholderYour company had another solid year in a difficult environment as the ramifications of the pandemic continued to impact our industrial base in different ways.Revenue increased 2.4%to$39.4 billion,net earnings rose 4.1%to$3.4 billion and earnings per fully d
2、iluted share increased 5.5%to$12.19.Operating cash flow was$4.6 billion.After capital expenditures,our free cash flow was$3.5 billion,an efficient cash conversation rate of 102%of net income.During the year,we focused on driving operating performance,supporting the supply chain and generating strong
3、 free cash flow.*The market responded and our share price rose 19.0%.Our total shareholder return for the year including dividends was 21.7%.In 2022,your company invested$1.1 billion in capital expenditures across our businesses to support our growth.We also paid$1.4 billion in dividends and repurch
4、ased approximately 5.3 million shares for$1.2 billion.Following a strong 2021,order activity and backlog were once again very good.We enjoyed a 1.1-to-1 book-to-bill ratio and at year end had a total backlog of$91.1 billion.Total estimated contract value,which includes options and indefinite deliver
5、y indefinite quantity contracts,was nearly$128 billion.Our Aerospace businesses had a very strong year.Sales,earnings,margin and backlog all increased nicely.Demand was robust,with a book-to-bill ratio of 1.5-to-1,with orders of$12.6 billion.Aerospace ended the year with a backlog of$19.5 billion.Ov
6、er the past two years Gulfstream has received over 400 net orders.All said and done,Aerospace backlog was up 20%in 2022 and a staggering 68%since the end of 2020.Certification efforts with the FAA continue,focused on the G700.We anticipate FAA certification this summer,depending on FAA time and reso
7、urces.The G800 should be certified approximately six months later.Combat Systems delivered solid performance in a year of stable revenue,earnings and margin,as older programs began to phase out and newer programs came online.Demand for the groups products,however,was higher than we had anticipated.L
8、and Systems won the Mobile Protected Firepower vehicle,the first all-new Army armored combat vehicle in decades.Progress on the vehicle is off to a strong start.The brutal invasion of Ukraine regrettably changed the threat in Europe,and European nations are responding with increased defense spending
9、.That demand is driving increased orders for European combat vehicles,U.S.armored vehicles and munitions.The Technologies group had a solid year in a very challenging operating environment.Revenue of$12.5 billion was up just slightly from 2021,with GDIT growth offset by supply chain challenges at Mi
10、ssion Systems.Earnings were down 3.8%because of Mission Systems supply chain interruptions,even though GDIT reported its highest margin and its highest earnings in the last four years.A N N U A L R E P O R T22022The group s backlog growth was solid notwithstanding an ongoing trend of customer solici
11、tations pushing to the right and recurring award protests.GDIT received over$11 billion in awards during the year,almost 20%higher than 2021.Mission Systems finished the year with a 1.1x book-to-bill and a capture rate in excess of 80%,putting them in a good position as they emerge from the supply c
12、hain headwinds they have faced.The Marine Systems growth story continues.Revenue was up 4.9%for the full year to over$11 billion.Operating earnings were up 2.6%for the full year to almost$900 million.This is the highest ever full year of revenue and earnings for the Marine group.Since 2017,the group
13、 has grown revenue from$8 billion to$11 billion in 2022.This is a 6.6%compound annual growth rate with an average increase of$600 million per year.Similarly,earnings have grown from$685 million in 2017 to$900 million in 2022,a 5.5%compound annual growth rate.Marine Systems had strong orders during t
14、he year,generating a 1.1-to-1 book-to-bill ratio,including the receipt of two Columbia-class contract modifications for$5.4 billion at Electric Boat,further underpinning the long-term growth we expect in the group.The first ship of the Columbia-class is now over 30%complete and we are preparing to s
15、tart construction of the second ship.The Virginia-class attack submarine program delivered two boats in 2022,despite the supply chain challenges facing the industrial base,and is set to deliver two more this year.As a concluding reflection,I have been your company s CEO for 10 years now.In that peri
16、od,the price of General Dynamics stock has increased from$69.27 to$248.11,a 258%increase,outperforming the S&P 500 and S&P Aerospace and Defense indices by a considerable margin.At the beginning of 2013 our total outstanding shares were 353.7 million.As we begin 2023,that has been reduced to 274.4 m
17、illion,an over 20%decrease as a result of the$16.6 billion spent on share repurchases over the period.Your dividend has grown from a quarterly$0.51 per-share rate in 2012 to a$1.26 per-share rate last year,a nearly 150%increase,resulting in total dividends paid over the ten-year period of$10.3 billi
18、on.In continuing this trend,the Board of Directors has just increased the quarterly dividend to$1.32,a 4.8%increase.We have taken these actions while continuing to invest in the growth and strength of our business.Not surprisingly,sales over the same period rose from$31.2 billion to$39.4 billion,a 2
19、6%increase,and net earnings increased from$2.4 billion to$3.4 billion,a 44%increase,demonstrating the strong operating leverage of your company.As we look to the remainder of 2023,our operating performance,strong backlog and free cash flow generation put us in good stead to continue to drive value f
20、or our shareholders.PHEBE N.NOVAKOVICChairman and CEO March 24,20233FINANCIAL HIGHLIGHTSCash from Operating Activities2020|2021|2022 Revenue$37,925$38,469$39,407Operating Earnings4,1334,1634,211Diluted EPS11.0011.5512.19Cash from Operating Activities3,8584,2714,579Cash Dividends Paid per Share4.324.
21、674.97 Dollars in millions,except per-share amounts Years Ended December 31 Revenue2020|2021|2022Earnings per Share2020|2021|202220222020 2021 2022A N N U A L R E P O R T4202210.7%OPERATINGMARGIN*See 10-K for discussion of non-GAAP measures.Total shareholder return is defined as change in share pric
22、e with dividends reinvested.12.6%RETURNON INVESTEDCAPITAL*21.7%TOTALSHAREHOLDERRETURN*$1.6BillionCAPITALEXPENDITURESAND COMPANY-SPONSORED R&D$1.4BillionDIVIDENDSPAID$1.2BillionSHAREREPURCHASESOur focus on operating discipline,cash generation and investment in future growth enables us to meet rapidly
23、 evolving customer requirements while consistently returning value to shareholders.$91.1BillionBACKLOG$127.7BillionTOTALESTIMATEDCONTRACT VALUE5We design,manufacture and service the most advanced and reliable family of business jets in the world.Gulfstream s powerful brand recognition is the product
24、 of its relentless focus on innovation.Our disciplined and consistent investment in research and development has enabled Gulfstream to introduce an entirely new family of aircraft since 2019,continuing to raise the bar on performance,safety,efficiency and comfort.In 2022,we successfully completed th
25、e first flight of our new ultra-long-range,ultra-large-cabin G800,the industry s longest-range aircraft.Our all-new flagship G700 kicked off its debut world tour in Dubai and is expected to achieve FAA certification this summer.The large-cabin G400 is expected to begin deliveries in 2025,pending cer
26、tification.Gulfstream offers comprehensive support for the more than 3,000 Gulfstream aircraft in service around the world with an extensive network of factory-owned service centers.Our other aerospace subsidiary,Jet Aviation,offers a comprehensive suite of business aircraft services,including compl
27、etions,fixed-base operations,fleet management,maintenance,repair and overhaul.With approximately 50 locations worldwide,Jet Aviation ensures the global availability of services for Gulfstream aircraft around the world,as well as aircraft produced by other manufacturers.We lead the industry in sustai
28、nability by designing aircraft that achieve outstanding fuel efficiency,while minimizing noise and emissions.We promote the availability and adoption of sustainable aviation fuel(SAF)in support of the industry-wide effort to achieve net-zero carbon emissions by 2050.As the business aviation market g
29、rows,we are poised to remain the manufacturer and service provider of choice for the most discerning customers.AEROSPACEA N N U A L R E P O R T62022Photos Left:Gulfstream fleet of aircraftTop:Gulfstream Symmetry Flight DeckBottom:Jet Aviation sustainable aviation fuel truckThis years highlights incl
30、ude:Delivered a total of 120 aircraft,96 of which were large-cabin aircraft Increased backlog 19.8%Achieved 25 new city-pair speed records during the G700s world tour,traveling to 20 countries across six continents Successfully completed the first flight of the ultra-long-range,ultra-large-cabin G80
31、0,officially launching the test program Delivered the 500th aircraft in the G650/G650ER family,10 years after receiving FAA and EASA certification Earned the National Business Aviation Associations inaugural Sustainable Flight Department Accreditation Conducted the first-ever flight by a business je
32、t manufacturer using 100%SAF Continued to grow Gulfstreams customer support network,with new expansions opened or announced in Fort Worth and Dallas,Texas,and Mesa,Arizona,and additional service offerings in Farnborough,U.K.$8.6 BIL L ION REVENUE BIL L IONREVENUE$19.5 BILLION BACKLOG BILLIONBACKLOG7
33、Our Marine Systems segment is the leading designer and builder of nuclear-powered submarines and a leader in surface combatant and auxiliary ship design and construction for the U.S.Navy,as well as Jones Act ships for commercial customers.We operate through three business units:Electric Boat,headqua
34、rtered in Groton,Connecticut;Bath Iron Works in Bath,Maine;and NASSCO in San Diego,California.Each has outlying facilities spanning the East and West Coasts of the United States.Electric Boat is the prime contractor for the Columbia-class ballistic-missile submarine,a 12-boat,$113 billion program of
35、 record the Navy considers its top acquisition priority.It is also the lead shipyard for the Virginia-class attack submarine,with 17 boats in backlog scheduled for delivery through 2032,nine of which will include a new payload module that adds strike and special operations capabilities.Bath Iron Wor
36、ks builds and manages lifecycle support for the Arleigh Burke-class(DDG-51)guided-missile destroyer,closing 2022 with 10 ships in backlog,scheduled for delivery through 2029.NASSCO builds John Lewis-class(T-AO-205)fleet replenishment oilers and Expeditionary Sea Base(ESB)ships that serve as afloat f
37、orward-staging bases for U.S.Marines and special operations forces,and provides maintenance and repair services to the Navy for all of its surface ship classes.In response to the increase in demand for submarines and surface ships,we have made substantial investments in our facilities,growing our wo
38、rkforce and strengthening our supply chains.The increase in capacity and capabilities will support the exceptional growth planned for our shipbuilding business for the next two decades.MARINE SYSTEMSA N N U A L R E P O R T82022Photos Left:Columbia-class submarine renderingTop:Future USS Carl M.Levin
39、(DDG-120)Bottom:Future USNS Robert F.Kennedy(T-AO-208)This years highlights include:Achieved highest ever full-year revenue and operating earnings,delivering two Virginia-class submarines and one T-AO-205 oiler,completing acceptance trials of a DDG-51 destroyer,and redelivering nine ships to the Nav
40、y following major maintenance availabilities Awarded$5.4 billion from the Navy,with additional options totaling$585 million,for advance procurement and advance construction of Columbia-class submarine components as well as enhancements to the submarine industrial base Awarded$2 billion from the Navy
41、 for long-lead materials and construction of an additional ESB auxiliary support ship and two additional T-AO-205 oilers,with a$715 million option for an additional T-AO-205 oiler Awarded$1.2 billion in new contracts to provide maintenance,modernization and repair services for DDG-51 destroyers,Wasp
42、-class amphibious assault ships and Los Angeles-class submarines Awarded a total of$985 million from the Navy,with additional options totaling$320 million,for Virginia-class submarine lead-yard services and design efforts,planning yard support services for operational strategic and attack submarines
43、,and advanced nuclear plant studies in support of the Columbia-class submarine program$11 BILLION REVENUE BILLIONREVENUE$45.7 BILLIO N BACKLOG BILLIONBACKLOG9Our Combat Systems segment designs,manufactures and sustains the world s most lethal,mobile and survivable land combat platforms as well as mu
44、nitions and medium-caliber armaments for the U.S.and allied militaries through three business units:Land Systems,European Land Systems,and Ordnance and Tactical Systems.Our installed base of nearly 23,000 vehicles across nearly 40 countries worldwide positions us well for modernization programs,supp
45、ort and sustainment services and future platform development.Land Systems is the sole-source producer of two foundational platforms central to the U.S.Army s warfighting capabilities:the Abrams main battle tank and the Stryker wheeled combat vehicle,both of which have been significantly modernized.I
46、n 2022,Land Systems was selected to produce the Mobile Protected Firepower(MPF)vehicle,which will enhance firepower for the Army s Infantry Brigade Combat Teams(IBCTs).We also produce market-leading light armored vehicles(LAVs),including the Piranha and Pandur armored vehicles,the Ajax and ASCOD fam
47、ily of medium-weight tracked combat vehicles,and the Duro and Eagle classes of wheeled tactical vehicles.Our mobile bridge systems business offers an essential capability for militaries around the globe,manufacturing mobile systems capable of supporting payloads up to 100 tons.Our continued investme
48、nt in robotic and autonomous vehicle technology has opened new markets for supporting combat troops in the field.Ordnance and Tactical Systems produces armaments and munitions that support kinetic military systems throughout the U.S.arsenal.In response to the conflict in Eastern Europe,we remain clo
49、sely aligned with our customers requirements to surge production to meet current and future needs.COMBAT SYSTEMSA N N U A L R E P O R T102022Photos Left:M1A2 Abrams main battle tankTop:155mm artillery roundsBottom:Multi-Utility Tactical Transport(MUTT)This years highlights include:Selected by the Ar
50、my to build the MPF vehicle,awarded$410 million with a maximum potential value of$1.1 billion for low-rate initial production Awarded more than$1 billion in contracts with additional option value of$465 million for various munitions,including ammunition,bomb bodies and other various weapons,ordnance
51、 and missile subcomponents Awarded a total of$1.2 billion to produce or upgrade Stryker wheeled combat vehicles for the U.S.Army Awarded a$1.1 billion contract to provide 250 Abrams M1A2 System Enhancement Package version 3(SEPv3)main battle tanks to Poland Awarded$850 million to produce armored com
52、bat vehicles for international customers,including Austria,Switzerland,Canada and Luxembourg Awarded a total of$770 million to upgrade and support Abrams tanks for the Army Designed and produced AbramsX and StrykerX technology demonstrators,incorporating next-generation electronic architecture,hybri
53、d electric engines and integrated active protection systems with the ability to reduce fuel consumption by 50%in support of the Armys electrification and climate strategies$7.3 BIL L ION REVENUE BIL L IONREVENUE$13.3 BILLION BACKLOG BILLIONBACKLOG11Our Technologies segment,consisting of General Dyna
54、mics Information Technology(GDIT)and General Dynamics Mission Systems,offers a full spectrum of services,technologies and products that combine specialized hardware and software.We address the growing demand from customers who prioritize technology solutions as a critical element of their missions.O
55、ur nearly 40,000 technologists,engineers,mission experts and other professionals,who often possess top security clearances,are embedded across the defense,intelligence,federal civilian,and state markets,enabling customers to leverage cloud computing,high-performance computing,data analytics,cybersec
56、urity and artificial intelligence(AI)to secure the nation s most sensitive information,improve government services and inform critical decision-making.As an original equipment manufacturer,we are well positioned to provide purpose-built products that bring these capabilities reliably and securely to
57、 the most rugged or inhospitable locations,from the battlefield to the undersea domain to deep space.GDIT and Mission Systems largely share the same customer base and increasingly go to market together,benefitting from significant complementary offerings and solution sets.TECHNOLOGIESA N N U A L R E
58、 P O R T122022This years highlights include:Awarded a contract with$4.5 billion maximum potential value from the National Geospatial-Intelligence Agency to provide hybrid cloud services and information technology(IT)design,engineering and operations and sustainment services Awarded$1.6 billion for s
59、everal key classified contracts Awarded more than$750 million in Environmental Protection Agency contracts and options for high-performance computing,managed application,information,networking,enterprise and security services Awarded a Navy contract with$275 million maximum potential value for Colum
60、bia-and Dreadnought-class ballistic missile submarine fire control systems Awarded a$150 million supercomputing,cybersecurity and software development contract for the Alabama Supercomputer Authority Awarded$160 million,with a maximum potential contract value of$325 million,from the U.S.Space Develo
61、pment Agency to build and operate ground systems for the new low earth orbit(LEO)satellite network Expanded our network of technology labs to accelerate the development of prototypes and innovation cycles in cloud,cyber,AI,5G and software development,as well as Identity,Credential and Access Managem
62、ent(ICAM)solutions Achieved National Security Agency(NSA)certification for the newly developed TACLANE-C175N Cryptographic High Value Product voice and data encryptor$12.5 BILLION REVENUE BILLIONREVENUE$12.7 BILLION BACKLOG BILLIONBACKLOGPhotos Left:Satellite ground station.GD Mission Systems and a
63、partner company will support and operate similar low-earth-orbit satellite stations for the Space Development Agency.Top:GDITs Geospatial Innovation Center in St.LouisBottom:Bluefin 9 unmanned underwater vehicle13OUR ETHOSHONESTY.TRANSPARENCY.TRUST.ALIGNMENT.These four values undergird everything we
64、 do at General Dynamics they are our defining moral character.Through our shared Ethos,we ensure that we continue to be good stewards of the investments our shareholders,customers,employees and communities make in us,now and in the future.General Dynamics Corporation11011 Sunset Hills RoadReston,VA
65、20190The appearance of U.S.Department of Defense photos does not imply or constitute DoD endorsement.A N N U A L R E P O R T2022Phebe N.NovakovicChairman and Chief Executive Officer James S.CrownLead DirectorRichard D.ClarkeRudy F.deLeon Cecil D.HaneyMark M.Malcolm James N.MattisC.Howard NyeCatherin
66、e B.ReynoldsLaura J.SchumacherRobert K.SteelJohn G.StrattonPeter A.WallPhebe N.NovakovicChairman and Chief Executive Officer Jason W.AikenExecutive Vice President,TechnologiesChief Financial OfficerShane A.BergSenior Vice PresidentPlanning and Development Gregory S.GallopoulosSenior Vice PresidentGe
67、neral Counsel and SecretaryKimberly A.KuryeaSenior Vice PresidentHuman Resources and Administration Andy C.ChenVice PresidentTreasurer Kenneth R.HaydukVice PresidentTax William A.MossVice PresidentControllerHoward A.RubelVice PresidentInvestor RelationsElizabeth L.SchmidVice PresidentGovernment Rela
68、tionsAEROSPACEMark L.BurnsVice PresidentPresidentGulfstreamDavid W.PaddockVice PresidentPresidentJet AviationIra P.BermanVice PresidentSenior Vice President Administration and General CounselGulfstreamMARINESYSTEMSRobert E.SmithExecutive Vice PresidentDavid J.CarverVice PresidentPresidentNASSCO Kevi
69、n M.GraneyVice PresidentPresidentElectric Boat Charles F.KrughVice PresidentPresidentBath Iron Works COMBATSYSTEMSMark C.RoualetExecutive Vice PresidentDanny DeepVice PresidentPresidentLand SystemsFirat H.GezenVice PresidentPresidentOrdnance and Tactical SystemsAlfonso J.RamonetVice PresidentPresidentEuropean Land SystemsTECHNOLOGIESJason W.AikenExecutive Vice President Christopher J.BradyVice PresidentPresidentMission Systems M.Amy GillilandSenior Vice PresidentPresidentInformation Technology CORPORATEBOARDLEADERSHIPBUSINESS?